Azim Premji: Azim Premji, Rishad reappointed to Wipro board for 5 years

The board of directors of Wipro Limited has reappointed Azim H Premji as non-executive, non-independent director and his son Rishad A Premji as executive chairman for a period of five years with effect from July 31, 2024, subject to the approval of stakeholders.
The Premji family members together own 4.43% shares in Wipro, including Premji’s wife Yasmeen (0.05%). The promoter group together holds about 72.9% in the IT firm.

Wipro has been underperforming its rivals in the IT sector on several counts for the past few years. This, combined with the exodus of senior management, is likely to have triggered the surprise exit of chief executive Theirry Delaporte earlier this month, 15 months before his tenure was to end.

Azim Premji took over Wipro in the late 1960s and went on to build a $11-billion revenue IT services organisation, which now has a presence in 65 countries. He relinquished executive duties in July 2019. Rishad joined the company in 2007 and held various positions; he took up the role of executive chairman in 2019.

As Wipro’s chief strategy officer, Rishad conceptualised Wipro Ventures, a $250-million fund, to invest in startups developing technologies that complement Wipro’s businesses with next-generation services. He also oversaw investor and government relations for the IT major.